TC Pipelines, LP (TCP) Position Trimmed by Allianz Asset Management GmbH
Allianz Asset Management GmbH trimmed its position in shares of TC Pipelines, LP (NYSE:TCP) by 5.4% in the third quarter, HoldingsChannel reports. The firm owned 564,572 shares of the pipeline company’s stock after selling 32,500 shares during the period. Allianz Asset Management GmbH’s holdings in TC Pipelines were worth $17,123,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TCP. OppenheimerFunds Inc. grew its holdings in TC Pipelines by 34.0% during the 2nd quarter. OppenheimerFunds Inc. now owns 12,258,566 shares of the pipeline company’s stock valued at $318,110,000 after purchasing an additional 3,113,696 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in TC Pipelines during the 3rd quarter valued at $24,422,000. Alps Advisors Inc. grew its holdings in TC Pipelines by 6.3% during the 3rd quarter. Alps Advisors Inc. now owns 4,784,815 shares of the pipeline company’s stock valued at $145,123,000 after purchasing an additional 284,533 shares in the last quarter. SG Americas Securities LLC acquired a new stake in TC Pipelines during the 2nd quarter valued at $3,847,000. Finally, Tiedemann Advisors LLC grew its holdings in TC Pipelines by 28.0% during the 2nd quarter. Tiedemann Advisors LLC now owns 600,363 shares of the pipeline company’s stock valued at $15,580,000 after purchasing an additional 131,400 shares in the last quarter. 63.21% of the stock is owned by institutional investors and hedge funds.
TCP has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of TC Pipelines from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Friday, September 28th. Barclays set a $31.00 price objective on shares of TC Pipelines and gave the stock a “sell” rating in a report on Saturday, October 13th. Goldman Sachs Group assumed coverage on shares of TC Pipelines in a report on Monday, October 8th. They set a “sell” rating and a $23.00 price objective for the company. Finally, Morgan Stanley set a $35.00 price objective on shares of TC Pipelines and gave the stock a “sell” rating in a report on Friday, October 19th. Five investment analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. TC Pipelines has a consensus rating of “Hold” and a consensus price target of $42.80.
TC Pipelines (NYSE:TCP) last announced its quarterly earnings data on Friday, November 9th. The pipeline company reported $0.79 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.72 by $0.07. The company had revenue of $103.00 million during the quarter. TC Pipelines had a net margin of 67.81% and a return on equity of 26.32%. Equities analysts forecast that TC Pipelines, LP will post 4.03 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Friday, November 2nd were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 8.51%. The ex-dividend date of this dividend was Thursday, November 1st. TC Pipelines’s dividend payout ratio is currently 82.28%.
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TC Pipelines Profile
TC PipeLines, LP acquires, owns, and participates in the management of energy infrastructure businesses in North America. The company has interests in eight natural gas interstate pipeline systems that transport approximately 10.4 billion cubic feet per day of natural gas from producing regions and import facilities to market hubs and consuming markets primarily in the Western, Midwestern, and Eastern United States.
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